DOW is in the beginning of a bear market with first target at 12.285. Now trading 12.835.

DOW monthly chart from Feb 2011. The break to a new low Thursday makes me now believe that the first target for DOW's fall is 12.285 which is close to the second from above horizontal line in this chart. I now believe in the H&S theory. See details in blog November 7 - Second warning for a DOW bear market.